Monday, December 27, 2010

The First 10 Major Cities That Will Run Out Of Pension Fund Money

Projections by Robert Novy-Marx and Joshua Rauh show the average city has $15,000 per household in unfunded pension liabilities. A lot of it is off-balance sheet, hidden from easy public view. Many, many cities are in trouble. Here are the top ten major cities that are in trouble and when they will run out of money:

#1 Philadelphia- Unfunded liability of $9 billion, $16,696 per household, only 4 years before the pension accounts are empty

#2 Chicago- Unfunded liability of $44.8 billion, $41.966 per household, money runs out in 7 years

#3 Boston- Unfunded liability of $7.5 billion, $30,901 per household, money runs out in 7 years

#4 Cincinnati- Unfunded liability of $2 billion, $15,681 per household, money runs out in 8 years

Public pensions need to be cut. Taxes need to be raised. Ultimately, the USA, as a nation, needs to figure out how to balance her consumption with her production. Financial tricks and debt won't cut it anymore.

Our family has lived below its means for decades while our country has done the opposite. It's time for the USA to "get real".

Get Real?? Yes, let's "get real"! Stop funding the illegal wars, funding for foreign governments, illegal immgrants, abolish the federal reserve. The list is long and the hands are always out. So, let's "get real" and stop the demonizing of "We the People". And fair warning....We are waking up!!

america won't be here in 2020 and we are waking up ,BROKE... AND IN DEBT TO THE WORLD..NOT OURSELVES SO WE WILL PAY DEARLY FOR THE AGENDA AND NOT MISTAKES OF THIS CONGRESS AND THE CORRUPT PUBLIC OFFICIALS... A REAL COUP IS NEEDED NOT JUST REELECTIONS FOR THE SAME BS

Yes. You are finally waking up after being asleep for 30 to 40 years. IMHO, the reason behind all the US global shenanigans is the horrible imbalance of what the USA produces as a country and what she consumes.

The USA has been over consuming every since I can remember. The party is over and the VISA bill is overdue.

In addition to the above-mentioned stopping of funding for illegal and immoral wars, the illegal funding of Isreal(a nuclear powered nation is not eligible for foreign aid)and stopping the free support of illegal aliens;

Stop paying salaries to more than 500 already rich congresscritters. Those that complain, toss out of office.Stop paying salaries to Governors, Lt. Governors, state congresscritters, etc. If they REALLY want the job, they should be willing to "Serve" without compensation.Abolish the TSA, CIA, ATF, DHS, Fema, Border Patrol (I wouldn't toss them out if they would actually PATROL the Border for invading wetbacks instead of harassing American citizens at "Checkpoints" along our highways)and last but not least, the FED.While these actions won't balance the budget, its a heck of a good start.

Congress will bail them out because they are the first to go bankrupt and neither party has a taste for punishing it's own. If the economic crisis gets to a level where things are spinning out of control and a crash is imminent then the money hose will dry up because the "system" will be perceived as failed and not worth saving. The power elite are trying to drag it all out into a slow motion fail. If it happens too fast you get revolt. If you can drag it out people keep some hope and think they can save what little they have left of SS, Medicare, 401K, jobs, homes. When the light goes on and they realize there's nothing left to lose then break out the tar and feathers :)

Seems that the typical American family is in more debt than the typical American city/state/federal government. Or, has nobody noticed the amount of credit card and mortgage debt that average folks have taken on?